Atlanta Fed lowers U.S. fourth-quarter GDP view to 2.3 percent

Reuters

Reuters

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NEW YORK (Reuters) - The U.S. economy is on track to grow at a 2.3 percent annualized pace in the fourth quarter on expected lower consumer spending and overall investments, the Atlanta Federal Reserve's GDP Now forecast model showed on Tuesday.

The latest fourth-quarter GDP estimate was lower than the 2.7 percent increase calculated on Monday, the Atlanta Fed said on its website.

Atlanta Fed's downgrade on gross domestic product in the fourth quarter followed data released earlier Tuesday on domestic factory activity from the Institute for Supply Management and construction spending from the Commerce Department.